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Fraud*According to the Collins English Dictionary 10th Edition fraud can be defined as: "deceit, trickery, sharp practice, or breach of confidence, perpetrated for profit or to gain some unfair or dishonest advantage".[1] In the broadest sense, a fraud is an intentional deception made for personal gain or to damage another individual; the related adjective is fraudulent. The specific legal definition varies by legal jurisdiction. Fraud is a crime, and also a civil law violation. Defrauding people or entities of money or valuables is a common purpose of fraud, but there have also been fraudulent "discoveries", e.g. in science, to gain prestige rather than immediate monetary gain*As defined in Wikipedia

Saturday, December 29, 2012

Do not underestimate the power of the banks and the financial sector who have used mythical economics to increase their influence over elected governments and the people. Labor, industry and democracy all have suffered because of the increased influence of the banks.

As a result of the financial crisis that peaked in 2008, banks have loaded down the economy with debt--debt achieved through fraudulent "exotic" instruments called derivatives. The banks hope to extract even more wealth for themselves by promoting austerity on the people who are already paying for the profligacy of the banks through taxpayer bailouts.

The government could afford to create jobs through deficit spending just as it could afford to use trillions of dollars to bail out the banks beyond even TARP. Once jobs are available, then the population could afford to buy the goods and services which keep the economy running. There is no need for austerity programs as the government can afford to spend wherever it chooses to spend including on job creation, on Social Security, on Medicare and on Medicaid. The capture of the government by the financial sector creates a false need for austerity.

Michael Hudson tells the whole story here. (Thanks to robertmc1 for the link):

America's Deceptive 2012 Fiscal Cliff --Part 1By Michael Hudson - New Economic Perspectives. . . .. . .And the September 2008 financial crisis provided an opportunity for
the U.S. and European governments to create new debt for bank bailouts.
This turned out to be as expensive as waging a war. It was indeed a
financial war. Banks already had captured the regulatory agencies to
engage in reckless lending and a wave of fraud and corruption not seen
since the 1920s. And now they were holding economies hostage to a break
in the chain of payments if they were not bailed out for their
speculative gambles, junk mortgages and fraudulent loan packaging.

Their first victory was to disable the ability – or at least the
willingness – of the Treasury, Federal Reserve and Comptroller of the
Currency to regulate the financial sector. Goldman Sachs, Citicorp and
their fellow Wall Street giants hold veto power the appointment of key
administrators at these agencies. They used this beachhead to weed out
nominees who might not favor their interests, preferring ideological
deregulators in the stripe of Alan Greenspan and Tim Geithner. As John
Kenneth Galbraith quipped, a precondition for obtaining a central bank
post is tunnel vision when it comes to understanding that governments
can create their credit as readily as banks can. What is necessary is
for one’s political loyalties to lie with the banks.

In the post-2008 financial wreckage it took only a series of computer
keystrokes for the U.S. Government to create $13 trillion in debt to
save banks from suffering losses on their reckless real estate loans
(which computer models pretended would make banks so rich that they
could pay their managers enormous salaries, bonuses and stock options),
insurance bets gone bad (underpricing risk to win business to pay their
managers enormous salaries and bonuses), arbitrage gambles and outright
fraud (to give the illusion of earnings justifying enormous salaries,
bonuses and stock options). The $800 billion Troubled Asset Relief
Program (TARP) and $2 trillion of Federal Reserve “cash for trash” swaps
enabled the banks to continue their remuneration of executives and
bondholders with hardly a hiccup – while incomes and wealth plunged for
the remaining 99% of Americans.

A new term, Casino Capitalism, was coined to describe the
transformation that finance capitalism was undergoing in the post-1980
era of deregulation that opened the gates for banks to do what
governments hitherto did in time of war: create money and new public
debt simply by “printing it” – in this case, electronically on their
computer keyboards.

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The men the American people admire most extravagantly are the greatest liars; the men they detest most violently are those who try to tell them the truth. … H.L. Mencken

An age is called Dark not because the light fails to shine, but because people refuse to see it…James Albert Michener, novelist (1907-1997)

It is impossible to calculate the moral mischief, if I may so express it, that mental lying has produced in society. When a man has so far corrupted and prostituted the chastity of his mind as to subscribe his professional belief to things he does not believe he has prepared himself for the commission of every other crime. … Thomas Paine 1737-1809, Anglo-American Political Theorist, Writer

Laws just or unjust may govern mens actions. Tyrannies may restrain or regulate their words. The machinery of propaganda may pack their minds with falsehood and deny them truth for many generations of time. But the soul of man thus held in trance or frozen in a long night can be awakened by a spark coming from God knows where and in a moment the whole structure of lies and oppression is on trial for its life.: Sir Winston ChurchillWhen governments fear the people, there is liberty. When the people fear the government, there is tyranny. - Thomas Jefferson

When cheaters prosper, we end up with the worst possible system and to call it a free market system is an obscenity. -William BlackWhen the people fear their government, there is tyranny; when the government fears the people, there is liberty." - Thomas JeffersonI believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around the banks will deprive the people of all property - until their children wake-up homeless on the continent their fathers conquered. Thomas Jefferson - 1802

Don't be afraid to see what you see.

..................................... Ronald Reagan

When the people and the government fear Banksters like Goldman Sachs and JP Morgan, there is economic dictatorship that will destroy the very fabric of our existence as a civilized society.Mike Morgan

Let me control the money of a nation and I care not who makes its laws.Meyer Amsheil Rothschild

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